Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1887-05-18
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them. You hnve other duties beyond wha, yo1
owe Jour own population. Part Of that duty IL
| 20 pay tho debts Incurred on the part Of mat
| population IN behalf Of the State.
We must also state that any settlement made
| by your legislature, however that wns made, is
binding upon tho people % the S:atc. We cen
| not admit that because OF the mode by which
the settlement was arrived At it is any reason
why that settlement should be upset I make
this remark In reply 10 wnatMr. Massey said
In regard 20 the settlement N 1871. / upder-
stood him ~ say that the electors Of the Stn.e
we're tully justified In upsetting those arrange
menb hocauno they we're not consulted and
their assent not given In the matter. lie said
hito mat that was brought about by the people
seDdiDg new representatives 70 undo what
iorner Representatives did which the people
DID not assent TO. Nov. IL surely does no;
lie IN The mouth Of the State 20 say
that thotr authorized representatives had
no right 20 act I'm the matter. and TINT they for
mulated and carried ont an arrangement In
fraud OF The persons they represented You
have pnssed acts since 1873 by which you pur-
ported 90 make settlement with the bOud-
holders, and then. on the other hand. you have
never consulted tho bondholders, they have
never consented 10 any such arrangement,
and yet you have put forward that act. and
say That isihe arrangement, and the arrange
Tnent alone, under which the state pro-
poses 10 carry out the settlement.
You mede solemn contract with the
hODdhCldeTs. and 10 ia an initial condition OF
every contract that the contract cannot be Va
lid without mutual consent il Is n con
diuon OF your own Constitution. IL is
condition Of the American ConstitutiOn
and the constitutions Of all the SiatOs
tnat n contract IL sacred that there must be
mutually In every attempted alteration. You
cannot come 70 us and cay, Here is an arrange
nont We have made end you shall accept these
mP, or else you shall have nothing; any
such arrangement attempted 10 be carried out
In any such mode must, We contend. necesssri-
ly fail.
TIE COUPON THE BoSDHOLDERs' REMEDY.
Now let me make few general observations
which apply 10 all She States. You say you arc
poor You say your population canno. pay
more than their present taxation. surely
every statesman knows ihatif the state debt IL
In default. II the reputation OF that State In
the markets OF tho world IL Gi a point 20 low
that its credit is absolutely gone. you can
not expect tho prosperity Of the State n
10 on. You are sure 10 be In 4 stationary con-
dition 20 long as you are Ia default on youc
public debt Once settle your debt, not as you
settled II before, not by acts OF your own. no'
by saying these are our terms, and these are
the only terms upon which We viii pay on
creditors. but settle your debt on fair end
reasonable b6si-, In accord with the creditors
ard believe In (. few years time yOur credit
will lie established. think then you will lnd.
I'm al prOl ability. that capital viii come into
Tire State. and you will not only have sufficient
funds 10 set aside q sufficient amount OF roye-
nue for the purpose Of paying your dobt. but
your taxable property and your revenue viii
Increase in proportion 10 your keeping coDd
faith with your creditors. That, think, Is q
position which we would ask you very Sc
IiCusly indeed 10 consider. II h not n question
absolutely ot to-day whether you can or cannot
provide a particular sum ~ n basis fer the SET
ilemont Of your debt. You have future 10
lock to, and we ask you 10 look 10 that future
with a breadth OF vieW-nOt with view OF what
you may do tO-dsy-but with breadth Of view
that you vii take in all possible contingencies
in the future. II you are prepared to DO that
we are prepared 70 meet YOU, and settlemei
will result. II you say " No: our revenue Is
stationary: we can do nothing: we can give
you nothing" DO not think you can sntici-
pate-at any rate. not in the near future-ihat
YOU will be in any better position hereafter than
you arc to-day. Ard soy it with all considora-
ton, IL you take that position the bOndhOlders
can Only refuse 10 treat with you, and
swait future developments. We cannot tell
Whnt the result viii be. II Is disas.
irous 70 both parties. we frankly admit, bus
We hove certain remedy. Ne have our TAX
receivable coupon. -cOupOns which the Su-
prone Court Cf the Uniied states have held
must lie received for taxes; and that rene Iy
we must still exercise. We hope sincerely
that you will not compel Us 10 exercise that
remedy We hope you will not compel Ne 90
exercise Il after we leave RichmOnd, but W.
must 90 il If you viii not treat with us on .
reasonable lasis. No wish wen % the STATE.
The interests Of the State and tic Interests oi
the londhOlders are precisely tho same. 80
long as this war goes on 1t is sdiGastroIs 20 bo;n
and the longer il goes on the worse the Stalu
becomes. and he worse the position OF IN
btndhoider becomes